DIS slips to loss

Italy’s d’Amico International Shipping (DIS) has fallen to a loss in the first quarter as costs rose in weaker markets.

The products tanker owner said the net deficit to 31 March was $6.83m, from a profit of $3.18m in 2013.

Revenue dropped to $68.87m from $79.47m, while time-charter hire costs rose to $24m from $22.7m.

Administrative expenses were higher and financial charges of $2.45m also hit the bottom line.

CEO Marco Fiori said: “The product tanker market was weaker than expected in Q1’14 only due to seasonal effects.

“In fact, a harsh winter in the US and the closure of several American refineries for maintenance temporarily reduced US exports of oil products.”

But he said this was only “temporary turbulence” and he expected an improvement in the short term.

It has repositioned a large part of its fleet in the Atlantic area in anticipation of a rebound.

The company still has 12 eco-tankers to be delivered as part of its 16-ship series of newbuildings costing $490m.